GE Capital Interbanca
|Industry||Finance and Insurance|
GE Capital Interbanca is an Italian merchant bank that specializes in lending and financing transactions for medium-sized firms. Its headquarters are in Milan and it has 10 branches in major cities throughout Italy. The bank was purchased from Grupo Santander in March 2008 by GE Commercial Finance.
A consortium of banks comprising Banco Ambrosiano, Banca d'America e d'Italia, and Banca Nazionale dell'Agricoltura, founded Interbanca in 1961. By 1997 it had come under the control of Banca Antonveneta, which in 1999 acquired Banca Nazionale dell'Agricoltura. In June 1999, its parent listed Interbanca on the stock exchange, but then in February 2003 wholly acquired it.
In 2006, ABN AMRO acquired Antonveneta, only to be itself acquired by a consortium consisting of Royal Bank of Scotland, Fortis, and Banco Santander. Banco Santander took control of Antonveneta in October 2007 and sold it on to Monte dei Paschi di Siena in November at a 36% premium over the valuation for the acquisition. Although Banco Santander had sold Antonveneta, it retained Interbanka for the time being.
In March 2008, Banco Santander sold Interbanca to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's Card and Auto Financing Businesses in the UK.